Posted April 4.2022
REPAIR PROCEDURE ISSUE:
Our client’s 2015 Acura TLX was damaged from a snowstorm. Our client filed a comprehensive claim with their carrier GEICO Insurance for the loss. Geico issued a loss statement/repair estimate for $4,085.11 before the deductible. Our client’s collision facility issued a preliminary loss statement/repair plan for $10,563.62 to return 2015 Acura TLX to its pre-loss condition. Our client came to us for assistance with the $6,478.51 under-indemnification and out-of-pocket expense to safely return their vehicle to its pre-loss OEM condition.
As a result of going through the appraisal process in the policy, our subsidiary Vehicle Value Experts came to a binding agreement with the Geico independent 3rd party appraiser for $8,962.73 as the loss statement/ repair cost to return our clients 2015 Acura TLX back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $4,877.62 or 127.2% from the Geico loss statement/repair estimate of $4,085.11. Through the invoking of the Geico policy right of appraisal our client has been made whole for their loss with no out-of-pocket expense other than their deductible